MLA reports that the fall in cattle supply on the previous five-year average can be attributed to significant rainfall across the eastern states, as producers withhold stock and transport remains difficult.

The largest year-on-year increase in numbers was registered in Queensland, where supplies lifted 42pc, while NSW increased 25pc year-on-year.

Despite the seasonal increase in supply and the ongoing high Aussie dollar throughout February, prices generally continued to rise, MLA reports.

It says the driving factor was increased demand from restockers looking to take advantage of the improvements in the season.

Medium weight C2 vealer steers to restockers averaged 185.5¢ in February, up from an average of 177.1¢/kg (live) in January.

Lightweight yearling steers to the trade followed the dearer trend, with C2s averaging 170.3¢, a jump of 6.9¢/kg.

The EYCI finished last Thursday’s market at 338.75¢/kg – an increase of 36.25¢/kg (carcase weight) since the end of January.

Young cattle were not the only categories registering gains.

Grown cattle prices were also boosted by the increased competition.

The heavy C4 grown steer price in February averaged 165.7¢, to realise a 4.1¢/kg gain on the previous month.

Medium weight D3 cows to processors gained 5.5¢ to average 121.1¢/kg.